BondLady’s Corner

  In Bondlady’s Corner 

More Iraqi News Wednesday PM 3-3-21

TLM724 Administrator BondLady’s Corner

Deputy: One Trillion Dinars, The Volume Of Monthly Revenues From The Kurdistan Region

Money  and business  Economy News – Baghdad  Member of Parliament, Hussein Al-Aqabi, said that the monthly revenues of the Kurdistan region amount to one trillion dinars per month.  “Why does the regional government not spend the salaries of its employees even though their financial revenues reach one trillion dinars per month?”

He added that since 2018, the federal government has been sending between 320-420 billion dinars per month in financial benefits to the regional government.  He pointed out that “government audits on the salaries of the region’s employees confirm that the size of salaries is only 280 billion dinars, but it gives the region nearly double of its financial dues.

Al-Aqabi emphasized: “The federal government does not possess any sovereign authority over the Kurdistan region.”   Number of observations 134 Date added 03/03/2021

https://economy-news.net/content.php?id=24314

Dollar Exchange Rates In The Local Market Today

Market  Economy News _ Baghdad  “Economy News” publishes the exchange rates of the dollar in local markets, on Wednesday (March 3, 2021).   Exchange offices prices:

The sale price of the dollar is 145,750   The purchase price of the dollar is 144,750

Number of observations 66 Date added 03/03/2021

https://economy-news.net/content.php?id=24307

Oil Minister Arrives In Moscow To Discuss Cooperation In The Oil And Gas Sector And The OPEC + Agreement

Economie| 03:27 – 03/03/2021  BAGHDAD – Mawazine News  , Minister of Oil, Ihssan Abdul-Jabbar, arrived in the Russian capital, Moscow, on Wednesday, to discuss bilateral relations between Iraq and the Russian Federation, while stressing the importance of increasing the volume of cooperation and developing it in the interest of both countries.

Abdul-Jabbar met with Deputy Prime Minister of the Russian Federation Alexander Novak, according to a statement to his media outlet, of which Mawazine News received a copy.

According to the statement, Abdul-Jabbar said, “This visit comes in response to the invitation of the Russian Minister of Energy, in the context of strengthening bilateral relations, especially in the oil and energy sector, and discussing a number of joint cooperation files with Russian companies in developing oil and gas fields, as well as coordination and communication regarding an agreement.” OPEC Plus. ”

He directed an invitation to Novak to “participate in the OPEC Plus meeting held today through the electronic platform, due to the importance of the Russian role in this agreement and the global oil market, and the two countries’ keenness to stabilize the oil market and restore balance to it in light of the challenges facing the oil market, and to work on Cooperating with other producing countries to achieve this goal. ”

For his part, the ministry’s spokesman, Asim Jihad, said, according to the statement, “The Minister of Oil met with the Minister of Energy of the Russian Federation Nikolai Shulginov and the President of LUKOIL Vagit Al-Kabirov, where they discussed expanding the horizons of joint work and cooperation between Iraq and Russia in the oil and energy sector And the role of Russian companies operating in Iraq. ”

The Minister of Oil, Ihsan Abdul-Jabbar, arrived in the Russian Federation at the head of a delegation that included the Director General of the Basra Company, the Oil Marketing Company, the Director General of the Economic Department, Studies and Planning, and the Director of the Minister’s Office.

https://www.mawazin.net/Details.aspx?jimare=144078

Political Analyst: Parliament’s Assertion Of An Abundance Of $ 6 Billion Negates The Need To Besiege The People

Pratha News Agency98 2021-03-03  Political analyst Hazem Al-Bawi said that the Parliamentary Finance Committee’s assurances that there is no justification for the government to continue besieging the people through austerity and raising the exchange rate of the dollar.

Al-Bawi said in a press statement that “the government is required to explain the reasons for the continuation of the austerity imposed on the people in light of the Parliamentary Finance Committee’s talk about a dollar abundance of more than 6 billion dollars without any increase in the reserves of the Central Bank.”

He added, “The points raised by the government advisory team, the last of which were made by Mazhar Muhammad Salih, are cause for an objective reading, as they indicate unmistakably that the difference in the price of a barrel of oil in the federal budget for the current year goes to fill the deficit, and the government may not need to borrow.”

Al-Bawi stressed that “this development exposes the fact that there is no need for two important matters that the government has resorted to and claimed that it is fighting its deficit, namely borrowing and imposing austerity measures on groups of people who suffer from the brutality of difficult economic conditions and the complete absence of the ration card items, in addition to the new circumstances imposed by the pandemic,” They called on the deputies and the government to take into account this humanitarian aspect. http://burathanews.com/arabic/economic/387536

Work To Facilitate The Gold Trade Through The Baghdad Airport

Wednesday 03 March 2021  42  Baghdad: Hussein Thahab Shukran Al-Fatlawi  A hypothetical seminar of the Baghdad Chamber of Commerce examined the reality of the challenges facing the commercial family, as well as regulating the commercial reality in the capital, Baghdad, in a way that protects the merchant and the citizen, and focused on the need to facilitate the task of gold trade through Baghdad Airport and the great benefit this measure brings to the state treasury in light of the entry of tens of tons monthly.

The head of the Baghdad Chamber of Commerce, Firas Al-Hamdani, said: “The chamber, with its new administration, is working hard to develop commercial performance and organize it in a way that benefits the national economy and supports local production.”

Gold trade

Al-Hamdani pointed out that “Legislation and laws allow the Chamber to organize commercial work, and the Chamber has taken upon itself to oblige all companies organized under its umbrella to review their headquarters, communicate with the relevant departments and complete the necessary cooperation mechanisms,” noting that “coordination is continuing with the relevant authorities to complete the gold trade through an airport. Baghdad, with high flow. ”

Al-Hamdani expressed the Chamber’s readiness to cooperate with regional and international counterpart organizations and diplomatic missions and to organize virtual and realistic meetings and conferences whose outputs serve the national economy.

Entering shipments

The specialist in gold trade, Laith Mohi, talked about all the challenges facing the gold trade, which is complicated, as it enters from Erbil airport and is transferred to Baghdad, and it is more appropriate to enter from Baghdad airport, and to put in place mechanisms that facilitate the entry of shipments and fees that do not burden the trader, especially since the daily intake exceeds 6 tons of gold.

Global companies

In his turn, the representative of the Ministry of Commerce, Majed Hamid Abdul Majeed stressed, “The importance of the chamber having a commercial directory that enables the commercial attachés in the countries of the world to direct international companies towards the right place, which serves the cooperation mechanisms that the foreign company wants to go towards. Then he expressed the ministry’s willingness to cooperate in organizing joint seminars.” To discuss important issues and develop solutions to all challenges. ”

As for the legal advisor to the Federation of Chambers of Commerce, Dr. Safaa Al-Shammari, he said: “The union has agreements with many countries that can be used.  LINK

Iraqi Economic Relations

Wednesday 03 March 2021  55  Dr. Mustafa Kamel Rashid, economic theory recognizes the existence of two types of economic relations, the first type is known as productive economic relations, and the other type is known as reciprocal economic relations, and that the first type is more important than the second, even if the second type is complementary to the movement of the first type.

As economic interests, work destinations, and legislative priorities are determined by labor laws and the business environment, on the basis of orientation and planning to establish stable packages of economic and productive domestic relations, with the support of the international environment, the international community and relevant organizations.

The country’s economy determines the features of these economic relations, to draw the shape of the business environment and the quality of the economic activities invested.

Productive economic relations include the creation of goods and services, which in turn constitute total domestic production, which is necessary to secure national income for families and local institutions, general revenues, and to face the various problems of the economy. Confronting the problem of unemployment, poverty, deprivation and others.

Therefore, the visions of economic policymakers focus on researching mechanisms that deepen these relationships and raise their efficiency locally, in order to maximize domestic returns and surpluses. By extending the roots of joint cooperation with the foreign partner, to ensure the desired goal. And it enhances the existing work environment and urges it with the requirements of stability and the ability to attract the attention of others, in order to invest in specific directions that work to raise the quality of economic and productive relations.

From here, the added value arises and increases its glut through the other type of reciprocal economic relations, or what is known as distributive economic relations, which undertakes the task of spreading these goods and services in the folds of the local and international economy, in order to acquire the permeable, competitive and global characteristics of local production.

In a world in which the forms of economic relations have become complicated, long-term agreements and a global climate is heading in a light color, the Iraqi economy is still betting on the continued dominance of crude oil in the local food basket. And if any fluctuation in oil production, its price, or both, the alarm will knock on the door of the poor with more hunger and pain.

The economic relations prevailing now in the Iraqi economy are the second type of imported goods and services, even not locally made, which means that there is no share of any added value that stimulates the economy and revives productive activities, as the reciprocal economic relations include nothing but the transfer of goods from one place to another, which means transfer of wealth From one place to another, without this process being accompanied by any creation of new wealth or capital accumulation. LINK

Tags: , /